Apex vs Topstep vs Bulenox

1. Trailing Drawdown Rules (Most Important Difference)

Trailing drawdown rules are the #1 reason traders pass or fail. Study this section with Trailing Drawdown Explained.

Firm	Trailing Drawdown Type	Stops Trailing at?
Apex	Trailing (closest to price)	Account hits starting balance + drawdown
Bulenox	Trailing	Same as Apex
Topstep	Trailing, BUT only on closed balance	Never trails unrealized

Topstep’s “closed PnL only” rule is easier for beginners. Apex and Bulenox require tighter stops and more discipline.

2. Profit Targets

Firm	Typical Profit Target ($50k eval)
Apex	$3,000
Topstep	$3,000
Bulenox	$3,000

All three are basically identical on profit targets.

3. Daily Loss Limits

Firm	Daily Loss Limit ($50k eval)
Apex	~$1,100
Topstep	$1,000
Bulenox	~$1,000

These numbers plug directly into your Daily Loss & Reset Rules.

4. Scaling Rules (During the Evaluation)

Firm	Scaling
Apex	No scaling rules — trade max size allowed
Bulenox	No scaling rules
Topstep	Strict scaling rules (contract limits per profit level)

If you follow the One-Contract Strategy, scaling doesn't matter anyway.

5. Evaluation Structure

Firm	Steps Required
Apex	1 step
Bulenox	1 step
Topstep	2 steps (Stage 1 & Stage 2)

Apex/Bulenox = faster. Topstep = slower but cleaner risk rules.

6. Payout Structure

Firm	Payout Rules
Apex	Keep 100% up to $25k, then 90%
Bulenox	Similar to Apex (varies per account)
Topstep	Keep 100% of your first $5k, then 90%

7. Difficulty Rating (Practical, Not Marketing BS)

• Easiest: Topstep (closed PnL trailing)
• Medium: Apex
• Hardest: Bulenox (strictest trailing behavior)

This matches the experience described in Overtrading in Evaluations.

8. Which Should You Choose?

If you want fastest / cheapest:

Apex

If you want easiest rules:

Topstep

If you want highest profit split + frequent promos:

Apex or Bulenox